‘Untapped potential in insurance sector’

ZIMBABWE’S insurance industry must focus on innovation and tailored products to bring up the country’s penetration, according to Old Mutual Zimbabwe group chief executive Samuel Matsekeke.
Zimbabwe’s insurance penetration has remained stubbornly low, currently below two percent.
“If we compete and focus on competing, we are competing on a smaller cake. I think there is more success in growing the cake, so what’s the challenge? How much of our business and marketing interventions are about growing the cake?” Matsekeke said at the 2024 Marketers’ Business Review Conference.
“The informalisation of the economy has led to a shift in consumer priorities, away from risk mitigation through insurance”.